成为最具价值创造力的清洁能源服务商 证券代码：605090 证券简称：九丰能源 公告编号：2025-089 江西九丰能源股份有限公司 关于董事辞职暨补选董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江西九丰能源股份有限公司（以下简称"公司"）董事会于近日收到董事蔡丽萍女 士的书面辞职报告。蔡丽萍女士因个人身体健康因素，经慎重考虑，申请辞去公司第三 届董事会非独立董事职务。公司于 2025 年 10 月 17 日召开第三届董事会第十五次会议， 审议通过《关于董事辞职暨补选董事的议案》，同意提名黄博先生为公司非独立董事候 选人。上述议案已经公司于 2025 年 10 月 17 日召开的第三届董事会提名委员会第二次 会议审议通过，尚需提交 2025 年第一次临时股东大会审议。 一、董事离任情况 成为最具价值创造力的清洁能源服务商 成长至成功上市的完整历程，为公司的创立与发展做出了杰出贡献。公司董事会谨此向 蔡丽萍女士致以最诚挚的谢意！ （一）离任的基本情况 | 姓名 | 离任 | 离任时间 | 原定任期 | | | 离 ...

中信证券股份有限公司 关于江西九丰能源股份有限公司 使用部分闲置募集资金临时补充流动资金的核查意见 中信证券股份有限公司（以下简称"独立财务顾问"）作为江西九丰能源股 份有限公司（以下简称"九丰能源"或"公司"）发行股份、可转换公司债券及 支付现金购买资产并募集配套资金项目（以下简称"本次交易"）的独立财务顾 问，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规则》等 相关法律、法规规定，对九丰能源使用部分闲置募集资金临时补充流动资金的事 项进行了认真、审慎核查，具体情况如下： 一、募集资金基本情况 （一）募集资金到位及存储情况 经中国证监会《关于核准江西九丰能源股份有限公司向 New Sources Investment Limited 等发行股份、可转换公司债券购买资产并募集配套资金的批 复》（证监许可[2022]2827 号）核准，公司向北京风炎投资管理有限公司-北京 风炎增利二号私募证券投资基金等六家机构投资者非公开发行可转换公司债券 （以下简称"可转债"）募集配套资金，合计发行可转债 1,200 万张，每张面值 为人民币 100 元，按照面值发行，募集资金总额为人民币 1,200,000 ...

成为最具价值创造力的清洁能源服务商 二、同意提名黄博先生为公司第三届董事会非独立董事候选人，并提交公司董事会 审议。 江西九丰能源股份有限公司董事会提名委员会 委员：李胜兰、张建国、周兵 2025 年 10 月 17 日 1 江西九丰能源股份有限公司董事会提名委员会 关于公司第三届董事会非独立董事候选人的审查意见 根据《中华人民共和国公司法》（以下简称"《公司法》"）《上海证券交易所股 票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《江西九 丰能源股份有限公司章程》《江西九丰能源股份有限公司董事会提名委员会工作细则》 等相关规定，江西九丰能源股份有限公司（以下简称"公司"）第三届董事会提名委员 会认真审核了公司第三届非独立董事会董事候选人资料，并发表如下审查意见： 一、公司第三届非独立董事会董事候选人黄博先生符合担任公司董事的任职条件， 具备履行董事职责的能力，不存在《公司法》《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第 1 号——规范运作》《江西九丰能源股份有限公司 章程》等规定的不得担任公司董事的情形；未受到过中国证监会、证券交易所及其他有 关部门的处罚 ...

成为最具价值创造力的清洁能源服务商 证券代码：605090 证券简称：九丰能源 公告编号：2025-091 江西九丰能源股份有限公司 关于召开2025年第一次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、召开会议的基本情况 （一）股东大会类型和届次 2025年第一次临时股东大会 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 3 日 14 点 00 分 召开地点：广东省广州市天河区林和西路耀中广场 A 座 2116 室公司大会议室 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 11 月 3 日 至2025 年 11 月 3 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会 召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台 的投票时间为股东大会召开当日的 9:15-15:00。 1 股东大会召开日期：2025年11月3日 本次股东大 ...

一、监事会会议召开情况 成为最具价值创造力的清洁能源服务商 证券代码：605090 证券简称：九丰能源 公告编号：2025-087 江西九丰能源股份有限公司 第三届监事会第十四次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江西九丰能源股份有限公司（以下简称"公司"）第三届监事会第十四次会议于 2025 年 10 月 17 日（星期五）以现场表决方式召开。会议通知于 2025 年 10 月 14 日（星期 二）以电子邮件等方式送达全体监事。本次会议应出席监事三人，实际出席监事三人， 会议由监事会主席慕长鸿先生召集并主持。公司董事会秘书黄博先生列席本次会议。本 次会议的召集、召开及表决程序符合有关法律法规和《公司章程》的相关规定。 二、监事会会议审议情况 经与会监事认真审议，本次会议表决通过了以下决议： （一）审议通过《关于使用部分闲置募集资金暂时补充流动资金的议案》 经审核，监事会认为：公司使用闲置募集资金暂时补充流动资金，不会影响公司募 集资金投资项目的建设实施，有利于提高募集资金使用效率、降低公司财务费用， ...

成为最具价值创造力的清洁能源服务商 一、董事会会议召开情况 江西九丰能源股份有限公司（以下简称"公司"）第三届董事会第十五次会议于 2025 年 10 月 17 日（星期五）以现场结合通讯表决方式召开。会议通知于 2025 年 10 月 14 日（星期二）以电子邮件等方式送达全体董事。本次会议应出席董事九人，实际出席董 事九人，会议由董事长张建国先生召集并主持。公司全体监事及部分高级管理人员列席 本次会议。会议的召集、召开及表决程序符合有关法律法规和《公司章程》的相关规定。 二、董事会会议审议情况 经与会董事认真审议，本次会议逐项表决通过了以下决议： （一）审议通过《关于取消监事会、变更注册资本暨修订<公司章程>的议案》 为贯彻落实最新法律法规要求，确保公司治理与监管规定保持同步，进一步完善治 理结构，推动公司规范运作，根据《中华人民共和国公司法》《上市公司章程指引》等 相关法律法规、规范性文件，公司将取消监事会，并由董事会审计委员会行使《中华人 民共和国公司法》规定的监事会职权。公司第三届监事会履行职责至本次修订后的《公 司章程》经 2025 年第一次临时股东大会审议通过之日止。届时，公司监事会将依法予 以 ...

格隆汇10月17日丨九丰能源(605090.SH)公布，公司拟使用部分闲置募集资金暂时补充流动资金，总额 不超过4亿元人民币，使用期限自第三届董事会第十五次会议审议通过之日起不超过12个月。 ...

Core Viewpoint - The "Tian Zhi Quantitative Core Selection" fund has experienced significant losses, with a reported decline of 13.39% this year, marking a trend of consecutive annual losses over the past four years, each exceeding double digits [5][27]. Fund Performance - The fund's turnover rate has been exceptionally high, reaching over 1000% since August 2023, indicating frequent trading of its top holdings [14]. - The fund's net asset value has fluctuated significantly, with a reported net asset change rate of 374.38% as of June 30, 2025, despite the overall decline in performance [8]. Fund Management - The fund has undergone management changes, with five different fund managers, each contributing to poor performance rankings [19]. - The previous manager, Xu Jiahan, is noted for making high-risk investments, leading to substantial losses during his tenure [11][23]. Investment Strategy - The fund's investment strategy has been criticized for chasing high-performing stocks, particularly during periods of market volatility, which has exacerbated losses [16][27]. - The current manager, Li Shen, has shifted the fund's focus towards value stocks, particularly in the financial and public utility sectors, but has struggled to capitalize on market rebounds [25][27]. Market Context - The fund's performance is set against a backdrop of broader market trends, with significant fluctuations in growth and value sectors, impacting overall investment strategies [30][34]. - Despite the fund's poor performance, there has been an influx of retail investor interest, leading to an increase in the fund's C share scale from 2 million to 7 million [28].

Investment Rating - The report maintains a positive outlook on the public utility sector, particularly highlighting the recovery in hydropower and the continued cost reduction in thermal power [4][6]. Core Insights - The thermal power sector is experiencing improved profitability due to a decrease in coal prices, with the average spot price of 5500 kcal thermal coal in Qinhuangdao at 672 RMB/ton, down 176 RMB/ton year-on-year [4]. - Hydropower generation is expected to recover in Q4 2025, following a significant improvement in autumn rainfall, which is projected to enhance the generation capacity of major hydropower companies [4]. - Nuclear power generation has shown a year-on-year growth of 11.33% in the first three quarters of 2025, with new units expected to come online, further boosting output [4]. - The natural gas sector is witnessing a gradual recovery in consumption, with a total apparent consumption of 2845.6 billion m³ from January to August 2025, reflecting a slight year-on-year decrease of 0.1% [4]. Summary by Sections Thermal Power - In Q3 2025, the average utilization hours for thermal power equipment were 2783 hours, a decrease of 144 hours year-on-year, but profitability is expected to remain positive [4]. - The report anticipates that thermal power companies in northern China will continue to achieve above-average performance due to stable electricity prices [4]. Hydropower - The report notes a decline in hydropower generation in July and August 2025, with a year-on-year decrease of 9.8% and 10.1% respectively, but forecasts a recovery in Q4 due to improved rainfall [4]. - The Yangtze River power generation saw a slight decline of 0.29% year-on-year from January to September 2025, but significant improvements are expected in October [4]. Nuclear Power - The report highlights that new nuclear units are expected to contribute to steady growth in electricity generation, with a strong approval rate for new projects [4]. - The long-term outlook for nuclear power remains positive, with a strong certainty of growth in installed capacity [4]. Natural Gas - The report indicates that the natural gas consumption has been recovering since May 2025, with a notable increase in demand expected due to stable supply and geopolitical factors [4]. - The report projects that the reduction in LNG prices and the adjustment of residential gas prices will benefit city gas companies' profitability [4]. Company Performance Forecast - The report provides a performance forecast for key companies in the public utility sector for the first nine months of 2025, with notable growth expected for companies like Datang Power and Huaneng International [5]. - The report recommends several companies for investment, including Guotou Power, Chuanwei Energy, and Longjiang Power, based on their expected performance recovery [4][6].

Investment Rating - The report rates the public utility industry as "Overweight" indicating an expectation for the industry to outperform the overall market [2][14]. Core Insights - The report highlights improvements in hydropower water inflow and continued cost reductions in thermal power generation, suggesting a positive outlook for the industry [5]. - It notes that the average utilization hours for thermal power equipment in China decreased by 144 hours year-on-year, but the profitability per kilowatt-hour is expected to maintain positive growth [5]. - The report anticipates a recovery in hydropower generation due to improved autumn rainfall, which is expected to enhance the financial performance of hydropower companies [5]. - Nuclear power generation is projected to grow steadily with new units coming online, contributing to overall electricity generation growth [5]. - The natural gas sector is seeing a gradual recovery in consumption, with expectations for continued cost reductions due to falling LNG prices and improved supply conditions [5]. Summary by Sections Thermal Power - In Q3 2025, the average spot price of 5500 kcal thermal coal was 672 RMB/ton, down 176 RMB/ton year-on-year but up 41 RMB/ton quarter-on-quarter [5]. - The report predicts that thermal power companies in northern China will continue to achieve above-average performance due to stable electricity prices [5]. Hydropower - The report indicates a 9.8% and 10.1% year-on-year decline in hydropower generation in July and August 2025, respectively, due to poor rainfall during the main flood season [5]. - However, significant improvements in autumn rainfall are expected to enhance hydropower generation capacity in Q4 2025 [5]. Nuclear Power - Nuclear power generation in China increased by 11.33% year-on-year in the first three quarters of 2025 [5]. - The report mentions that new nuclear units are expected to come online in Q4 2025, further boosting generation capacity [5]. Natural Gas - The apparent consumption of natural gas in China for January to August 2025 was 284.56 billion cubic meters, a slight decrease of 0.1% year-on-year [5]. - The report notes that natural gas prices are expected to decline further due to increased supply from major exporting regions [5]. Company Performance Forecast - The report provides performance forecasts for key companies in the public utility sector, indicating varying growth rates across different segments [6]. - For instance, Datang Power is expected to see a profit growth rate of 20%-50%, while companies like China Nuclear Power and China General Nuclear Power are projected to have negative growth [6]. Investment Recommendations - The report recommends several companies for investment based on their expected performance, including Guodian Power, Huaneng International, and China Nuclear Power, among others [5][7].